I was speaking specifically to those intimidated or uninterested in going their own way, it is better to invest than not, no matter the mechanism used to get there. Personally (as of October), we have 45% of our liquid assets, 28% of our retirement assets, and 76% of our trusts (from us to children) under one advisor. There are two other advisors that have 13% of our retirement and 5% of our liquid assets, respectively. The rest we all DIY through 401k's, IRA's, cash, and Fidelity and Vanguard brokerage accounts... but even those 401k assets are mixed between managed and index funds.Compare your financial advisors performance, net of fees, to the closest asset allocation set forth in Vanguard's series of Life strategy funds (they all use index funds and rebalance using cash flows). Better yet, ask them to do it and watch their reaction.
And yes, I am well aware that many managed funds underperform after fees, in comparison to index funds, and specifically targeted retirement funds, and this can be most noticeable on smaller portfolios. But I have made the comparison between the performance of our primary wealth management account and the Vanguard strategy funds, and found we are doing better where we are now, by very substantial margin over the last 20 years. Moreover, by putting the majority of our assets with one manager, they assist us with tax positioning and management of several trusts that have been created to move money to our children, with minimal overall tax penalty. There are several reasons to use a wealth management advisor, on the assumption they can at least break even with targeted index funds.